Connectivity layer Mesh has entered into a partnership with Reown for wallet ownership verification, beginning with the Bitcoin ecosystem.

Mesh and Reown Partnership for Wallet Ownership Verification

Mesh, a U.S. fintech whose investors include PayPal Ventures, has joined forces with Reown (formerly known as WalletConnect) to launch wallet ownership verification for UTXO-based assets, starting with Bitcoin. This new feature aims to enhance functionality and address compliance requirements.

Compliance with European Banking Authority’s Travel Rule Guidelines

According to a November 11 announcement, Mesh stated that the wallet ownership feature addresses the “need to comply with the European Banking Authority’s Travel Rule Guidelines,” which are set to take effect on December 30. The Travel Rule is a regulation from the Financial Action Task Force requiring crypto businesses to collect and share specific customer information for transactions over a certain threshold, typically $1,000, to prevent money laundering and illicit activities.

“Compliance with the Travel Rule can be a significant challenge for crypto businesses, as it requires secure data exchange between different providers.”

Reown CEO Jess Houlgrave emphasized that the regulation will play a “larger role in our industry,” adding that forward-thinking organizations are “going to lead the way.” Mesh co-founder and CEO Bam Azizi highlighted the “tremendous market demand” for wallet ownership verification solutions that comply with EBA guidelines, stressing that wallet interoperability will be crucial moving forward.

Mesh’s Journey and Financial Backing

Founded in 2020 by Bam Azizi and Adam Israel, Mesh secured $22 million in a Series A funding round in September 2023. This capital infusion was led by Money Forward and supported by other investors including Galaxy and Samsung Next. Subsequently, the startup also secured funding from PayPal Ventures in the form of PayPal’s PYUSD stablecoin.

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